Swift Advances V my wee granny

[Stevie1484]

Hi Guys, Just found this thread and decided i should get in touch, my gran got a loan from swift advances in 1997 for £23,000 they in total they wanted back £110,000 over the years she has paid them £80,000 and they say she still owes them £61,000 they had her intrest payments at £1000 per month and have since cut the intrest rate down for her from 23% to 8.89%


they have never sent her any letters telling her the £400 per month debit she had always paid them was not even covering the interest, what the hell can we do about this company??? i find them to be discusting animals who prey on customers. they add intrest on top of interest and it just gets bigger and bigger

does anyone know if i can sue them for not informing my gran that her agreed payment was not covering the interest and as such she was accumulating debt which was being lumped with interest, i think they called it compound interest


Need some advice some help if its going, im in the process of gathering all the relevent paper work from them and my plan was to then challenge them for proof they informed my gran of any changes and intrest payments etc and then take it all to the FSA and see if they can look over the loan details

[Sparkie1723]

Re: Swift Advances V my wee granny

Hi Guys, Just found this thread and decided i should get in touch, my gran got a loan from swift advances in 1997 for £23,000 they in total they wanted back £110,000 over the years she has paid them £80,000 and they say she still owes them £61,000 they had her intrest payments at £1000 per month and have since cut the intrest rate down for her from 23% to 8.89%


they have never sent her any letters telling her the £400 per month debit she had always paid them was not even covering the interest, what the hell can we do about this company??? i find them to be discusting animals who prey on customers. they add intrest on top of interest and it just gets bigger and bigger

does anyone know if i can sue them for not informing my gran that her agreed payment was not covering the interest and as such she was accumulating debt which was being lumped with interest, i think they called it compound interest


Need some advice some help if its going, im in the process of gathering all the relevent paper work from them and my plan was to then challenge them for proof they informed my gran of any changes and intrest payments etc and then take it all to the FSA and see if they can look over the loan details

There is a lot of information that is required if anyone can help, and a lot of questions to be asked.
First I would guess from the date that this loan was taken out was with Swift Advances plc, when they used to do regulated loan agreements.

Can you copy and post up a copy of your grans agreement and terms & conditions remebering to remove her personal information.
Secondly can you tell us if it was arranged by a broker and what were their names or name.

Sparkie

[mouse88]

Re: Swift Advances V my wee granny

Help! I too am in a similar postion. My in laws took out a 20K secured loan in 2006. They were 76 at the time!! If they live long enough to pay back the loan it will cost a small fortune in interst etc. Surely it is wrong to lend so much money to people so old . Also in the event of their death before payments have finished and the assumption that there is not enough equity in the property will next of kin be responsible for payments.
PLease any body help!!

[Sparkie1723]

Re: Swift Advances V my wee granny

Help! I too am in a similar postion. My in laws took out a 20K secured loan in 2006. They were 76 at the time!! If they live long enough to pay back the loan it will cost a small fortune in interst etc. Surely it is wrong to lend so much money to people so old . Also in the event of their death before payments have finished and the assumption that there is not enough equity in the property will next of kin be responsible for payments.
PLease any body help!!

Hi mouse 88

If you could ......please do as we asked Stevie1484 to do without the basic info its hard to advise..........each case is slightly different ....not much ......but its that little bit of difference that makes the difference....... if you can understand that bit of Chinese...

Sparkie

[vickyz7]

Re: Swift Advances V my wee granny

hi, i dont know if you can help!! all the info dont seem to go into my scrambled and depressed mind.


i took out a loan in 2001 with swift for 31,000 which is secured on my mothers home, in her name but which is mine and i pay each month!! i have missed a few payments at the beggining but as far as i am aware i owe them nothing and should be ahead in payments. i recently asked for a settlement figure which goes up constantly as it appears they are charging interest on the charges seperately!! they are now telling me to complete this loan in 15 years time as planned i need to increase my payments to £519 per month making me pay back a further 90,825 on top of the 45,000+ i have already paid!! if i dont do this the loan will continue indefinately. i do not understand this??
i have an appointment to see a solicitor but will cost more money and i dont know if there is any point??
please can you help?? if not do you have any suggestions as to who i can ask for help??

thank you in anticipation.

[Caspar]

Re: Swift Advances V my wee granny

Please folks - if you want to post up about this company, start a new thread for yourself and post up your agreement, removing all personal information first, so we can see the T&C's etc... We may then be able to help.

Thanks!

[Gorang]

Re: Swift Advances V my wee granny

I mirror Casper in saying please start your own thread for own case as if there are too many cases on one thread it is very very hard to follow and give correct advise to each of you

Also when you start your own thread please post up as much info as you can with the T&Cs (if you can) as sparkie asked as this will make things a lot easier for us all to see the big picture of what has happened and when so far

Thanks

[gallahad]

Re: Swift Advances V my wee granny

Also post a link back to it from this thread please
G

[mouse88]

Re: Swift Advances V my wee granny

Mouse 88 here. Thanks for advice re sending agreement details. I am quite green with computer methods, so please advise me how to set up a new thread etc. I have the documents which I am happy to submit, just not certain how to go about this many thanks in advance

[vickyz7]

Re: Swift Advances V my wee granny

i do apologise.

[Gorang]

Re: Swift Advances V my wee granny

Thanks Mouse88 and Vickyz7

Mouse 88 here. Thanks for advice re sending agreement details. I am quite green with computer methods, so please advise me how to set up a new thread etc. I have the documents which I am happy to submit, just not certain how to go about this many thanks in advance

Just go into the relevant section of the forum and hit New Thread

to upload doc or jpegs

the way I do it is when you reply on a thread just hit go advanced, then scroll down to and hit manage attachments and upload from there

You should manage to sus it from there, but if you don't then just shout on your thread and somone will talk you through it all the way

[di30]

Re: Swift Advances V my wee granny

I would also check if the loans were sold with PPI, where they may not have been eligible, for example, age reasons, as not all will protect for over 65's, it may vary to 70 or even less that 65, worth checking policy details just in case folks.

Non related to your thread as such but thought I should mention it, if you think its been added and mis sold, please do start a new thread, and we will deal with these matters indivdually, cheers.

[angel-stingray]

Re: Swift Advances V my wee granny

Hi.
Just curious how your situation has turned out. I am in shock at what I am reading about Swift. My gran has very similar trouble with an original loan of £40,000, fell into £5,000 arrears, paid back £47,000 so far, and now being told there is still £39,000 to pay. WHAT !!!!! I can't believe this can happen in Britain in 2012. Reading the threads, it seems that Swift are getting away with it through many technicalities, while many of our vulnerable people suffer immense hardship at their hands.
I am thinking of taking a leaf out of the Americans books by try to get as many people together to collectively take a class action against Swift. This may be the only way for the ordinary man and woman to afford to go all the way to the European Courts if necessary, while putting Swift through a very costly procedure.
At the very least, there should be many many many cases where they have broken the rules or worse, that will be uncovered.
I'm hoping to get as many people as possible to come together. So if you are interested in fighting back against this evil company/shark, let's see what we can do.